MOUNTAIN VIEW — Symantec Corp. (SYMC) announced that it has closed the previously announced transaction with Silver Lake, pursuant to which Silver Lake made a $500 million strategic investment in Symantec.
With the closing of this investment, Ken Hao, managing partner of Silver Lake, has been appointed to the Symantec Board of Directors, effective immediately. The Symantec Board is now comprised of ten directors, nine of whom are independent.
In connection with this investment, and as previously announced, Symantec’s Board increased its total capital return program to $5.5 billion and plans to return the full $5.5 billion by the end of March 2017.
“Today marks an important milestone in our path forward as a focused security company. We are well-positioned to deliver on our unified security strategy and return significant value to shareholders,” said Michael A. Brown, Symantec president and CEO. “We believe Ken’s deep insights in the technology industry will benefit Symantec and our shareholders, and we are pleased to welcome him to the Board.”
J.P. Morgan Securities LLC served as financial advisor to Symantec and Fenwick & West LLP served as legal counsel to Symantec.
Silver Lake is a leading private equity firm, with over $26 billion in combined assets under management and committed capital. The firm’s portfolio of investments collectively generates more than $85 billion of revenue annually and employs over 170,000 people globally. Silver Lake has a team of approximately 100 investment professionals located in New York, Menlo Park, San Mateo, London, Hong Kong and Tokyo.